India’s Mahindra and Sri Lanka’s Ideal Group in JV to assemble vehicles

mahindra-ideal-lanka

Mar 28, 2018 (LBO) – Mahindra and Mahindra Ltd. (M&M) has announced the establishment of a Joint Venture (JV) with Ideal Motors Ltd. for assembling vehicles in Sri Lanka.

M&M will invest up to 250 million rupees to form the joint venture, a statement said.

The acquisition expected to be completed by April 2018 will see M&M subscribe up to 35 percent equity stake in the JV with the remaining stake held by Ideal and its affiliates.

Since November 2009, Ideal Motors has been the sole authorised distributor for Mahindra Motor Vehicles and Motor Cycles.